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How Much Should We Trust Staggered Difference-in-Differences Estimates?
(Elsevier BV, 2022-05)
We explain when and how staggered difference-in-differences regression estimators, commonly applied to assess the impact of policy changes, are biased. These biases are likely to be relevant for a large portion of research ...
Core Earnings: New Data and Evidence
(Elsevier BV, 2021-12)
Using a novel dataset, we show that components of firms' GAAP earnings stemming from ancillary business activities or transitory shocks are significant in frequency and magnitude. These components have grown over time and ...
Can Staggered Boards Improve Value? Causal Evidence from Massachusetts
We study the effect of staggered boards (SBs) using a quasi-experiment: a 1990 law that imposed an SB on all Massachusetts-incorporated firms. The law led to an increase in Tobin's Q, investment in CAPEX and R&D, patents, ...
Expected Stock Returns Worldwide: A Log-Linear Present-Value Approach
(American Accounting Association, 2021-04-08)
This study provides the first large-scale study of the performance of expected-return proxies (ERPs) internationally. Analyst-forecast-based ICCs are sparsely populated and not robustly associated with future returns. ...